Real Estate in Germany
Germany is BELLAZZURA’s home market: our office is in Hamburg, and we also cover Munich, Frankfurt and Berlin. In 2026 purchase prices are moving slightly up or down depending on the city, while asking rents keep rising. We guide and advise sellers, buyers and investors personally on every aspect of the property.
Locations
- Hamburg: Elbe suburbs, Alster, Walddörfer
- Munich: Altstadt-Lehel and Maxvorstadt, Schwabing, Bogenhausen, Grünwald and Lake Starnberg
- Frankfurt: Westend, Holzhausenviertel and Nordend, Sachsenhausen, Taunus
- Berlin: Charlottenburg, Grunewald and Dahlem, Mitte and Prenzlauer Berg, Potsdam
Market Figures Germany
| Indicator | Value |
|---|---|
| Residential property prices in Germany year on year | +0.6 %, Q2 2026 (Destatis house price index) |
| Bubble risk according to UBS | Munich 0.61 and Frankfurt 0.64, both moderate (UBS Global Real Estate Bubble Index 2026) |
| Real estate transfer tax | Hamburg 5.5 % (hamburg.de), Bavaria 3.5 % (Bavarian State Tax Office), Hesse 6 % (Hesse administration portal), Berlin 6 % (Berlin service portal), each on the price in the notarial contract |
Buying and Costs
- Real estate transfer tax: each federal state sets its own rate, applied to the price agreed in the notarial contract. The rates for Hamburg, Bavaria, Hesse and Berlin are listed above in the market figures.
- Notary and land registry: statutory fees under the German Court and Notary Fees Act, depending on the price.
- Brokerage commission for apartments and single-family homes: if the agent acts for both sides, the commission may only be agreed in equal shares (Section 656c German Civil Code).
Notes for Buyers
- There is no restriction on purchases by nationality.
- The price may not be paid in cash, crypto assets or gold; the notary checks the non-cash payment (Section 16a German Anti-Money Laundering Act).
Germany Market Data 2026
In Q3 2026, asking prices are rising mainly outside the cities: new houses became more expensive in 84% of districts. In the seven largest metropolitan areas, by contrast, new-build prices eased slightly (apartments −0.9%, houses −0.7% on the previous quarter), while new-build rents there rose by 2.5% (empirica Property Price Index Q3/2026). Rents are rising faster than purchase prices, and financing remains demanding.
Top 10 cities
Change year on year. Tap a column heading to sort.
- declining (below −1%)
- sideways (−1 to +1%)
- rising (+1 to +2.5%)
- strongly rising (above +2.5%)
Areas: nearest of the ten cities, not a regional value. Map: Natural Earth.
| Assessment | |||
|---|---|---|---|
| Dortmund | +5.0% | +4.7% | strongest price growth, catch-up market |
| Hamburg | +2.1% | +5.5% | stable prices, strong rental pressure |
| Cologne | +1.7% | +7.9% | strongest rent growth |
| Essen | +1.2% | +5.0% | affordable entry level, rising rents |
| Düsseldorf | +1.0% | +3.8% | moderately upwards |
| Frankfurt | +0.1% | +2.9% | sideways |
| Leipzig | −0.7% | +5.4% | prices easing, rents rising |
| Stuttgart | −1.1% | +0.9% | weakest rent dynamics |
| Berlin | −1.6% | +1.0% | prices declining, regulatory risk |
| Munich | −1.9% | +3.7% | highest price level, slight correction |
Source: IW-Wohnindex Q2 2026, asking data. The vdp index measures transactions and may differ.
Price and Rent Levels for Apartments
| City | Purchase price per m² (change 2025) | Trend 2026 | Rent per m² (change 2025) | Trend 2026 |
|---|---|---|---|---|
| Munich | €8,684 (+2.5 %) | +4.6 % | €23.59 (+4.7 %) | +4.0 % |
| Frankfurt | €6,338 (+3.2 %) | +4.9 % | €18.13 (+5.3 %) | +4.1 % |
| Hamburg | €6,000 (+4.0 %) | +5.5 % | €15.83 (+3.0 %) | +4.1 % |
| Berlin | €5,605 (+0.7 %) | +4.6 % | €16.55 (+3.7 %) | +4.1 % |
| Cologne | €4,902 (+4.6 %) | +4.6 % | €15.31 (+3.5 %) | +4.2 % |
| Düsseldorf | €4,730 (+4.1 %) | +4.8 % | €14.50 (+11.0 %) | +4.1 % |
| Stuttgart | €4,662 (+2.8 %) | +4.8 % | €16.86 (+2.7 %) | +3.9 % |
| Leipzig | €2,975 (+4.3 %) | +5.5 % | €10.10 (+7.4 %) | +4.3 % |
| Dortmund | €2,561 (+6.2 %) | +5.4 % | €9.90 (+5.5 %) | +4.3 % |
Asking data (medians 2025) with a trend for 2026, not transaction prices; Essen is not included in the report. Source: PlanetHome Real Estate Market Report Germany 2026, May 2026. The rates of change are methodologically not comparable with the IW housing index above and are not offset against each other.
Investment
- Prime yield residential top 7 approx. 3.4%, transaction volume +8% year on year (CBRE Residential Q2 2026).
- Gross yield nationwide approx. 3.5 % for apartments and approx. 3.9 % for houses; mortgage rates mostly 3.5 to 4.5 % (PlanetHome Real Estate Market Report Germany 2026).
- Banks expect a turnaround in commercial real estate only from 2029; refinancing remains the bottleneck (EY-Parthenon Bankenbefragung Q1 2026).
- Non-performing loans are markedly higher in commercial than in residential real estate (1.0%) (BKS NPL-Barometer 2026).
- Long-term trends: demographics, digitalisation, climate and defence (PwC/ULI Emerging Trends Europe 2026).
Investors: create an investor profile. Companies: start a commercial space search.
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Process and obligations when buying: Germany Guide.
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Request adviceMarket figures from published reports with source and date; figures marked “approx.” are estimates. No investment, legal or tax advice. Information without guarantee. As of 19 October 2026.